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Pluto Finance has recently provided a £60m senior debt facility to fund the refinance and redevelopment of the former Sky headquarters in Brentford, West London. This Permitted Development Rights scheme will turn the 140,248 sft office campus into 268 flats and will be one of London’s largest office-to-residential projects.

Lending Director, Mario Ioannides, said “We were delighted to be supporting the development of this residential scheme. This is our largest loan to date and we have a good appetite to continue supporting similar sized residential developments in and around London, particularly where flats will be registered for Help-to-Buy. It will enable private buyers, and particularly first-time buyers, the opportunity to own their own home in London at affordable prices, starting from as little as £250,000.”

Westley Richards from BBS Capital, Debt Advisor on the transaction, said “We are very pleased to once again work with Pluto Finance on this large scheme. They deliver on what they say they will do and completed the transaction with professionalism and speed.”

Pluto Finance lends £20m for a new residential development scheme in Bracknell

February 2018

Pluto Finance continues to provide flexible development finance for large residential schemes with the completion of a £20m stretched senior debt facility for an office to residential project in Bracknell.

Lending Director, Mario Ioannides, said “We are pleased to have delivered the funding on this scheme in less than 4 weeks from start to finish, enabling our Borrower to complete on the site purchase promptly. This was a challenging funding request on a PD scheme that had a number of complications – including some flats currently not having any windows until a new further planning permission is granted!”.

Ioannides also explained “Bracknell’s approach to Permitted Development Rights schemes is particularly complex, with an Article 4 about to be enacted and the requirement for developers to provide offsite amenity land. We are delighted to have been able to take a highly pragmatic approach to these issues and provide a large stretched loan in a very timely manner.”

Pluto Finance lends £26m for a new residential development in Southall

November 2017

Pluto Finance has completed a £26m senior facility to assist with the acquisition and redevelopment of the former Honda car dealership in Southall. The new build development will provide 118 private apartments and 52 affordable units.

Lending Director, Mario Ioannides, said “We were delighted to provide another development loan for Galliard Homes and also to be part of the exciting Southall regeneration project. At 65% loan to cost, our senior debt was priced competitively with the high street banks and arranged promptly to enable Galliard to meet their completion deadline.”

Jonathan Morgan, Director of Investments and Developments at Galliard said “We are very pleased to once again work with Pluto Finance on this important scheme for Galliard Homes and we look forward to carrying out more successful transactions with them in the future.”

Providing stretched senior and senior development finance as well as bridging finance under one roof, Pluto Finance has become a real one-stop-shop for all residential development finance needs. The business is on track to lend £500m this year across the three products.

Pluto Finance has completed a £24m stretched senior loan to fund the acquisition of an office building in Ilford and the subsequent conversion to residential. When completed the building will provide around 100 flats as well as office and retail space.

Partner Justin Faiz said “At circa 90% loan to cost, we are delighted to make another stretched senior loan in East London and to be part of the Ilford regeneration story. With affordable prices and already great commute times, this is an area that is set to thrive as CrossRail comes online.”

Pluto Finance has been lending since 2011 and is one of the leading alternative lenders for residential development. As well as providing stretched senior finance, Pluto also provides senior loans, with interest rates from 4% for up to 70% loan to cost, and bridging finance.

Pluto Finance has recently raised over £500m of institutional capital to be deployed across new senior debt and bridging lending strategies as well as to relaunch Pluto’s stretch senior lending at significantly lower interest rates.

Pluto Finance aims to lend £500m across these three loan types in the next year. The team have hit the ground running with over £95m of loan already credit approved since the capital raise. To support its growth plans, Pluto has recently hired four new staff into its lending team.

Partner Justin Faiz said “This significant capital raise provides Pluto with the firepower to continue providing market leading loans. We are now able to provide lower leverage senior debt with interest rates from 3.95% – cheaper than the challenger banks, and competitive with the clearing banks but with a much faster turnaround time.”

Pluto Finance has been lending since 2011 and is one of the leading alternative lenders for residential development, particularly for stretch senior finance. Pluto’s relaunched stretch senior loans will continue to fund up to 90% of costs, but at materially lower interest rates than previously.

Alternative lenders have taken market share from the banks over recent years offering higher leverage finance and much better customer service. Over half of Pluto’s loans are now to repeat borrowers, a proportion the team expect to grow over time with the addition of new lending products.

Justin Faiz continues “We are the only lender to offer stretch, senior and bridging finance under one roof – turning Pluto into a real one-stop-shop for all residential development finance needs. We are grateful to our new and existing institutional investors for the support they are continuing to provide to our business through this important capital raise.”

In explaining the move into bridge lending, Partner Andrew Blenkinsop adds “We are delighted to be able to support our clients throughout the entire project lifecycle by providing short term loans to assist with site acquisition pre-planning and also to refinance completed units.”

Jonathan Morgan, Director of Investment & Developments of Galliard Homes, said “We are delighted to continue our relationship with Pluto Finance and we are already in advanced discussions to take Pluto’s new senior loan facility on a number of projects.”

Pluto Finance Backs Home Counties Focused Developer in Hook

November 2016

Pluto Finance has completed a stretched senior development loan of £15m for an office to residential project in Hook, Hampshire. The Pluto development loan will enable a Home Counties focused developer to convert the building into 107 private apartments with an anticipated GDV of £22m.
With one bedroom apartments priced from £175,000 the development qualifies for the Government’s Help to Buy Scheme. To date there has been strong demand from both local owner occupiers and investors. Mario Ioannides, Lending Manager at Pluto Finance, said: “We are delighted to have supported this project when at the time other lenders had withdrawn from the office to residential sector”.
This is the second significant development loan which Pluto has completed in March and follows the funding of 227 apartments in Southend. Pluto is currently funding the development of over 2,000 homes across London and the South East.
Pluto Finance, the leading residential development lender, has been providing loans to the UK residential development sector since the credit crunch in the form of mezzanine and stretched senior funding. Over that time, the business has established a proven track record and has now completed transactions with a combined GDV of over £1bn.
Having been shortlisted as “Residential Financier of the Year 2016” by Property Week for the third year running, Pluto Finance goes from strength to strength. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes.

Pluto Finance has completed a stretched senior development loan for a £50m landmark residential project in Southend. The Pluto development loan will enable experienced regional developer, Randall Watts, to convert the building into 227 private and 52 shared ownership apartments. Beaumont Court and Richmond House are located at the heart of the wider Southend regeneration project which will include new retail and leisure space as well as a refurbished train station.

With one bedroom apartments starting from as little as £130,000 and just under a 1 hour commute to London, there has already been strong demand from local owner occupiers and investors alike. Justin Faiz, Partner of Pluto Finance, said: “We are delighted to have supported this landmark scheme which will deliver much needed residential accommodation in Southend and contribute towards the regeneration of the town centre.”

Mark Watts, Chief Executive of Randall Watts who are building the homes says, “We are proud to continue our role in providing much-needed housing in Southend”.

Pluto Finance, the leading residential development lender, has been providing loans to the UK residential development sector since the credit crunch in the form of mezzanine and stretched senior funding. Over that time, the business has established a proven track record and has now completed transactions with a combined GDV of over £1bn.

Having been shortlisted as “Residential Financier of the Year 2016” by Property Week for the third year running, Pluto Finance goes from strength to strength. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes

Pluto Finance provides £22m of development finance to leading Housebuilder

April 2016

Pluto Finance has recently completed its third loan to a leading South East developer to fund three new build projects. This latest facility is a £22 million stretched senior loan and will finance the development of a 65 unit apartment scheme in Bracknell and the final phase of a 103 unit apartment scheme in Camberley.

Justin Faiz, Partner at Pluto Finance, said: “We are delighted to have closed another loan for a repeat borrower. We focus on building strong long term relationships with our clients and have strong appetite to fund well located development projects throughout the Home Counties. This loan which is secured against both consented and unconsented sites demonstrates our ability to be flexible in our approach to structuring.”

Since July 2015 Pluto has provided £200m of new funding to developers which includes a £30m loan to Galliard Homes. Shortlisted as “Residential Financier of the Year 2015” by Property Week, Pluto Finance goes from strength to strength, funding projects with a combined GDV of £1bn since 2011. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes.

Pluto Finance backs Galliard with £30m stretched senior loan

November 2015

Pluto Finance has completed a £30m stretched senior development loan for existing client, Galliard Homes, to fund the development of Trinity Square, Hounslow into 228 apartments. Trinity Square is part of Galliard’s ‘Get on the Ladder’ Campaign to provide hundreds of new homes priced below £300,000 in order to help Londoners get a foot on the housing ladder.
Justin Faiz, Partner of Pluto Finance, said: “We are delighted to have supported a long-standing client with another development project which will deliver much needed residential accommodation for the area.” Pluto have also funded Galliard’s Riverdale House scheme in Lewisham which has been almost entirely pre-sold.
Stephen Conway, Chief Executive of Galliard Homes who are building the home says, “We are proud to continue our role in providing much-needed housing and contributing to the regeneration of London”.
Pluto Finance, the leading residential development lender, has been providing loans to the UK residential development sector since the credit crunch in the form of mezzanine and stretched senior funding. Over that time, the business has established a proven track record and has now completed transactions with a combined GDV of over £1bn.

Pluto Finance provides development finance to leading Housebuilder

October 2015

Pluto Finance has provided a £29 million stretched senior facility to leading South East developer Marden Homes to assist with its land acquisition programme as it expands its delivery of quality new homes.

Marden Homes, established in 1989, has a track record for developing throughout Essex and the surrounding areas but is now expanding its reach to include desirable locations such as Wandsworth and Horley. The new facility is designed to increase their output and area of operation with new sites being developed at Hawkwell and Brentwood. The sites offer homes ranging from two to five bedrooms, some of which qualify for the Governments Help to Buy scheme which only requires a 5% deposit.

Rick Tappenden, Director of Marden Homes, said “We pride ourselves on the attention to detail found in each of our homes, and building a welcoming community for our buyers. The team at Pluto has been a tremendous support in enabling us to activate this phase of growth for the business, and have backed our plans all the way”.

Gavin Morrison, Relationship Manager at Pluto Finance, said: “Marden Homes has built a strong reputation for delivering quality new homes and we are delighted to be supporting them with their growth aspirations.”

Having been shortlisted as “Residential Financier of the Year 2015” by Property Week, Pluto Finance goes from strength to strength, funding projects with a combined GDV of £1bn since 2011. It provides developers with a single loan of up to 90% of the cost of the development, enabling developers to kick start new projects and also to spread their equity across a greater number of schemes

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